Zhongji Innolight raised HK$53.4 billion in its Hong Kong IPO at HK$980 per share, marking Asia's second-largest listing of 2026 after CXMT's Shanghai offering. The shares opened lower and closed down 1.28 percent on debut despite oversubscription of 16.8 times in the Hong Kong tranche and 9.7 times internationally. The company, already listed on the Shenzhen Stock Exchange, supplies optical interconnect solutions for AI data centers and holds 21.2 percent of the global market by revenue.